Over the last five or 6 years …When Do I Have To Send My Papaya Global Payroll… roles on the supplier side and also on the supplier side from a payroll point of view so actually anticipating this conversation today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very uninspiring and I wish I was elsewhere at this moment in time alright so let’s get going our program for today is as follows um we are going to be taking a look at the challenge years of handling Worldwide payroll why companies preserve different
checking account payroll virtual wallets versus payroll savings account payroll payroll uh sorry papaya payroll payments forecasting payroll costs utilizing virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic possession uh we’ll also go over a recap which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and handling them becomes a growing number of complicated Global organizations are looking to find Solutions and brand-new methods to streamline processes especially from a payroll and cross-border payment standpoint numerous organizations maintain different savings account just for payroll while some have multiple accounts in various countries does it make good sense for business to keep different checking account often in various countries it does however just for payroll is there a much better method what function do virtual accounts and digital wallets likewise called virtual wallets play in helping multinational business enhance the episode complex processes of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the international pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a range of reasons most notably policies compliance data security and banking rules then there are the large numbers they add further complexity the global Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll model there’s typically an overwhelming number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large quantities and or very really basic there’s no real consistency structure we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind each time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleepless nights and rather honestly the more a service invests in international payroll the less of an image they see an absence of visibility also reaches payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the transaction almost half of international companies have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations in addition to lack management and system configurations and then when you round all of it off and the data is delivered to the incorrect place the average expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the necessary multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles organization face when they’re making payments to employees or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s intricacy anywhere you look ideal eventually developing a knowledge base is absolutely important however all over you look with payroll payment they are like incredibly payments no if however some babies about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is allowing us to type of move on with that it also also to add to that payroll and finance require to work closer together um with differing Checking account Details varying banking requirements and setup processes is absolutely imperative that payroll and financing teams work better together than ever um I’m constantly amazed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world positions a high value on well-being and the payment landscape is becoming increasingly intricate. Companies are continuously introducing new benefits and payment choices, which contributes to the overall complexity. Big corporations typically divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technologically advanced age, there’s no justification for keeping cumbersome procedures. Payroll, the company’s most significant cost, need to be processed properly and on time. Even minor hold-ups can negatively impact staff members’ well-being and have significant effects. For that reason, it’s vital to focus on precise and timely payments.
The payroll group may not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only see when things fail. However, when things go right, it’s viewed as just a regular job. This is how it’s perceived externally too. Therefore, it is vital to guarantee that tasks like Wi-Fi Global and other vital matters are done correctly. Using the very first Global Payments first payroll payment option is a fantastic preliminary action towards supplying an extensive payroll solution for staff members worldwide. Standardization, international processes, and reducing the variety of tools, platforms, and bank accounts necessary for global payroll are crucial factors in achieving company success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things don’t go as planned. Ultimately, we do not do it for the thankfulness.
anyway we know how how important a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state imagine the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task trying to clean up all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to browse them and in fact see what was going on and kind of shot to get back to everyone so proceeding appearance why do companies pick to primary different savings account there are When Do I Have To Send My Papaya Global Payroll organizations out there doing precisely this for specific countries and I have actually operated in a company or lots of businesses doing precisely that I can state it does not always feel effective and it does create more work I know we’re not purposely doing that we’re not developing extra work for anyone where we don’t need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I think people have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have actually taken a look at things like trust accounts and numerous other ways um to to kind of do it so I think there’s a variety I think this is a process that needs looking at it requires changing however ultimately people are very stuck with what they’re familiar
with ideal um modification is a hard thing all of us don’t like modification um so I think it’s simply type of moving away from the standard as we’ve said so yeah so it keeps a great deal of track of stuff um I understand clearly the advantages of having keeping numerous bank accounts but there’s a huge amount of complexity opts for setting up a checking account preserving it guaranteeing it can send out International transfers ensuring it’s established with the ideal user accesses for individual people so the complexity is big but I think the truthful response is modification um people have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a checking account I think you’ve hit the nail on the head I believe it is understanding you understand and there is an element of resistance to change however we have actually always done it that way is no real reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what could nearly be determined to be the next Century or two there is a lot to monitor and this approach does posture several challenges um so Johnny might you tell us about those difficulties yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this improved capability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You should have a corner workplace with a parking space that is better, considering your accomplishments. When Do I Have To Send My Papaya Global Payroll